So what exactly is a will?
In simple terms, a will is a document that comes into fruition after your demise to tell everyone where your “stuff” should go.
And what exactly is your “stuff”?
When I ask this question, I get responses such as cash, an awesome big screen TV or even a treasured record collection. Most people default to the tangible things.
Do you know the biggest tangible things most people have?
Most people don’t think about that in terms of a will. Things like your kids, dogs and cats tend to get overlooked. It is not just about things that we have bought. It covers our wishes on everything important in our lives.
When we are talking about the care of children, a guardian is typically specified. If two parents pass away in car accident, who will become the legal guardian? When formalising this in your will it is important to ensure that the guardian is asked if they are comfortable with the notion of raising your children if this comes into fruition. It is also worthwhile having a backup guardian in case of a change of mind.
The other thing to consider is how do we help fund the guardian to ensure they are able to look after your kids without causing financial distress.
When preparing your will, ask yourself:
Wills can be as complicated as you like. But most of the time, the presence of one is better than the absence of one.
Ensure you have put some thought and an action plan in place for your loved ones.
“This document or website contains general advice only. You need to consider with your financial planner, your investment objectives, financial situation and your particular needs prior to making an investment decision. Charter Financial Planning Limited and its authorised representatives do not accept any liability for any errors or omissions of information supplied in this document except for liability under statute which cannot be excluded.